VOL. 128 | NO. 80 | Wednesday, April 24, 2013
New Apartments Planned for South Main
By Bill Dries
Plans for 197 apartments on two corners of West Carolina Avenue and Florida Street go to the Downtown Memphis Commission Design Review Board at its May 1 meeting.
South Junction will rise on the vacant northwest and southeast corners of Carolina and Florida, in the South Main Historic Arts District.
South Junction Partners, the owners, plan to begin construction in July on an “urban infill multifamily residential development,” according to the application for the 178,678 square feet of space.
The partners have applied for a payment-in-lieu-of-taxes (PILOT) incentive through the Memphis Center City Revenue Finance Corp.
South Junction is an area that Southland Development Partners had earlier plans to build in. State Place LLC had property at the same intersection a year ago that it sold to Renasant Bank in lieu of foreclosure when an earlier development plan fell through.
The South Junction application says the developers are talking with prospective lenders about financing.
Henry Turley Co. submitted the plans and application to the Design Review Board and Turley is one of the partners in South Junction along with Billy Orgel.
The northwest parcel of the South Junction project is across Tennessee Street from the offices of Southland Development Partners.